USD/CHF trades flat after SNB monetary policy,good to buy at dip
USD/CHF is trading flat after SNB has kept its deposit rates unchanged at -0.75% .The target range for 3 month LIBOR also remained unchanged at 1.25% and -0.25%.
SNB Governor reiterated that CHF is overvalued and expressed his readiness to intervene.
Technically the pair‘s major intraday resistance is around 0.9876 (34 day H E MA) and break higher will take the pair to next level around 0.9900/0.99387/0.9957.
Overall bearish invalidation only above 1.00350 level
On the other hand break below 0.9820 will drag down the pair further lower till 09798 (61.8% retracement of 0.9476 and 1.03280) /0.9760.
It is good to buy at dips around 0.9870 with SL around 0.9820 for the TP of 0.9900/0.9950
SNB Governor reiterated that CHF is overvalued and expressed his readiness to intervene.
Technically the pair‘s major intraday resistance is around 0.9876 (34 day H E MA) and break higher will take the pair to next level around 0.9900/0.99387/0.9957.
Overall bearish invalidation only above 1.00350 level
On the other hand break below 0.9820 will drag down the pair further lower till 09798 (61.8% retracement of 0.9476 and 1.03280) /0.9760.
It is good to buy at dips around 0.9870 with SL around 0.9820 for the TP of 0.9900/0.9950